Exchange Traded Concepts LLC Increases Stock Holdings in Agree Realty Co. (NYSE:ADC)

Exchange Traded Concepts LLC boosted its stake in shares of Agree Realty Co. (NYSE:ADC) by 14.3% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 39,027 shares of the real estate investment trust’s stock after buying an additional 4,871 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Agree Realty were worth $2,940,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. MCF Advisors LLC bought a new stake in shares of Agree Realty in the 2nd quarter worth about $26,000. Massmutual Trust Co. FSB ADV grew its stake in shares of Agree Realty by 248.3% during the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 442 shares during the last quarter. Headlands Technologies LLC raised its holdings in shares of Agree Realty by 232.0% in the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after buying an additional 798 shares during the period. UMB Bank n.a. lifted its stake in shares of Agree Realty by 44.5% during the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after acquiring an additional 299 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Agree Realty by 125.9% during the 2nd quarter. GAMMA Investing LLC now owns 1,403 shares of the real estate investment trust’s stock valued at $87,000 after acquiring an additional 782 shares during the period. 97.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ADC. Stifel Nicolaus increased their target price on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. BTIG Research lifted their price objective on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a report on Monday, August 12th. KeyCorp upped their target price on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Truist Financial lifted their price target on shares of Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, Wells Fargo & Company reissued an “overweight” rating and issued a $80.00 price objective (up previously from $77.00) on shares of Agree Realty in a research note on Tuesday, October 1st. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Agree Realty presently has an average rating of “Moderate Buy” and a consensus price target of $72.21.

Agree Realty Trading Up 1.1 %

Shares of NYSE ADC opened at $74.33 on Tuesday. The business has a fifty day moving average price of $73.79 and a 200 day moving average price of $65.42. Agree Realty Co. has a 1-year low of $52.69 and a 1-year high of $77.30. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market capitalization of $7.48 billion, a P/E ratio of 43.72, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The firm had revenue of $152.58 million during the quarter, compared to analysts’ expectations of $150.35 million. During the same period in the previous year, the firm earned $0.98 EPS. The firm’s quarterly revenue was up 17.5% on a year-over-year basis. Equities research analysts expect that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be given a $0.253 dividend. This is a boost from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.08%. Agree Realty’s dividend payout ratio (DPR) is presently 176.47%.

About Agree Realty

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2023, the Company owned and operated a portfolio of 2,135 properties, located in 49 states and containing approximately 44.2 million square feet of gross leasable area.